One of the milestones to be achieved by the entrepreneur when trying to turn a market opportunity into a business project is to define the business model. This means explaining in the clearest and most concise way how you're going to compete in the market, how you'll generate value for someone, how you'll use your resources to generate and deliver that value, and how you'll structure your relationships with customers and other agents in your industry to sustain and grow from the benefits you can generate. In essence, you have to explain how you're going to earn revenue in a scalable, recurring, and cost-effective way.
One of the milestones to be achieved by the entrepreneur when trying to turn a market opportunity into a business project is to define the business model. This means explaining in the clearest and most concise way how you're going to compete in the market, how you'll generate value for someone, how you'll use your resources to generate and deliver that value, and how you'll structure your relationships with customers and other agents in your industry to sustain and grow from the benefits you can generate. In essence, you have to explain how you're going to earn revenue in a scalable, recurring, ... show more